The risk of default had repeatedly proved “exaggerated,” she noted, which was true in 2005 and — as of today, at least — still is. Krishnakumar even endorsed using debt limit debate as an occasion to make reforms on actual budget policy, citing the Gramm-Rudman-HollingsIn hindsight, though, Krishnakumar’s upbeat view rested on assumptions that no longer seem applicable.
Far from seeing the debt limit reauthorization as a chance for a forthright debate about deficits, or even good-faith bargaining with the Democrats, a significant element of the Republican Party seems primarily interested in “owning the libs.”This has provoked an equal and opposite reaction among Democrats, making it that much more difficult for President Biden to compromise on his demand for a “clean” bill.
Forcing focused congressional deliberation on the national debt level “is still a good idea but kind of impossible with a total breakdown of bipartisanship,” she acknowledged.
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Source: Nature - 🏆 64. / 68 Read more »